S. 795 — Introduced in Senate

II 113th CONGRESS 1st Session S. 795 IN THE SENATE OF THE UNITED STATES April 24, 2013 Mr. Coons (for himself, Mr. Moran, Ms. Stabenow, and Ms. Murkowski) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to extend the publicly traded partnership ownership structure to energy power generation projects and transportation fuels, and for other purposes. 1. Short title This Act may be cited as the Master Limited Partnerships Parity Act. 2. Extension of publicly traded partnership ownership structure to energy power generation projects, transportation fuels, and related energy activities (a) In general Subparagraph (E) of section 7704(d)(1) of the Internal Revenue Code of 1986 is amended— (1) by striking income and gains derived from the exploration and inserting income and gains derived from the following: (i) Minerals, natural resources, etc The exploration , (2) by inserting or before industrial source, (3) by inserting a period after carbon dioxide, and (4) by striking , or the transportation or storage and all that follows and inserting the following: (ii) Renewable energy The generation of electric power exclusively utilizing any resource described in section 45(c)(1) or energy property described in section 48 (determined without regard to any termination date), or in the case of a facility described in paragraph (3) or (7) of section 45(d) (determined without regard to any placed in service date or date by which construction of the facility is required to begin), the accepting or processing of such resource. (iii) Electricity storage devices The receipt and sale of electric power that has been stored in a device directly connected to the grid. (iv) Combined heat and power The generation, storage, or distribution of thermal energy exclusively utilizing property described in section 48(c)(3) (determined without regard to subparagraphs (B) and (D) thereof and without regard to any placed in service date). (v) Renewable thermal energy The generation, storage, or distribution of thermal energy exclusively using any resource described in section 45(c)(1) or energy property described in clause (i) or (iii) of section 48(a)(3)(A). (vi) Waste heat to power The use of recoverable waste energy, as defined in section 371(5) of the Energy Policy and Conservation Act (42 U.S.C. 6341(5)) (as in effect on the date of the enactment of the Master Limited Partnerships Parity Act). (vii) Renewable fuel infrastructure The storage or transportation of any fuel described in subsection (b), (c), (d), or (e) of section 6426. (viii) Renewable fuels The production, storage, or transportation of any renewable fuel described in section 211(o)(1)(J) of the Clean Air Act (42 U.S.C. 7545(o)(1)(J)) (as in effect on the date of the enactment of the Master Limited Partnerships Parity Act) or section 40A(d)(1). (ix) Renewable chemicals The production, storage, or transportation of any renewable chemical (as defined in paragraph (6)). (x) Energy efficient buildings The audit and installation through contract or other agreement of any energy efficient building property described in section 179D(c)(1). (xi) Gasification with sequestration The production of any product from a project that meets the requirements of subparagraphs (A) and (B) of section 48B(c)(1) and that separates and sequesters in secure geological storage (as determined under section 45Q(d)(2)) at least 75 percent of such project's total qualified carbon dioxide (as defined in section 45Q(b)). (xii) Carbon capture and sequestration The generation or storage of electric power produced from any facility which is a qualified facility described in section 45Q(c) and which disposes of any captured qualified carbon dioxide (as defined in section 45Q(b)) in secure geological storage (as determined under section 45Q(d)(2)). . (b) Renewable chemical Section 7704(d) of such Code is amended by adding at the end the following new paragraph: (6) Renewable chemical The term renewable chemical means a monomer, polymer, plastic, formulated product, or chemical substance produced from renewable biomass (as defined in section 9001(12) of the Farm Security and Rural Investment Act of 2002 (7 U.S.C. 8101(12)), as in effect on the date of the enactment of the Master Limited Partnerships Parity Act). . (c) Effective date The amendments made by this section shall take effect on the date of the enactment of this Act, in taxable years ending after such date.